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Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to back currency in circulation with gold reserves,...
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money printing during World War I. Hayek viewed these nations as the culprits the gold standard's degradation whereas …
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In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants …
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In a world where the means of exchange is convertible into the numeraire consumption good at a fixed rate, no one wants …
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modern world. We consider the so-called modern “sovereign” and “nonsovereign” monetary regimes (including freely floating …
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